FEDERAL HOME LOAN BANK OF DES
MOINES AWARDS $1.5 MILLION IN
HOUSING GRANTS TO RURAL COMMUNITIES
(Des Moines, Iowa) – Homeownership
is an American dream but many
individuals and families need a
little help to make that dream come
true. Providing that extra help is
the goal of the Rural Homeownership
Fund (RHF) of the Federal Home Loan
Bank of Des Moines. Recently, 63
community banks throughout the
Federal Home Loan Bank of Des
Moines’ five-state district were
awarded funds to provide
downpayment, closing or
rehabilitation cost assistance to
homebuyers in their rural
communities. The Bank awarded a
total of $1.5 million to communities
in Iowa, Minnesota, Missouri, North
Dakota and South Dakota.
“The Bank’s Rural Homeownership Fund
(RHF) provides our community bank
members with another source of funds
to support their rural communities,”
commented the Home Loan Bank’s
Director of Affordable Housing
Programs, Gary Dodge. “Since the
program’s inception in 1996, the
Bank has funded or committed $13.5
million to help nearly 5,750
individuals and families in our
five-state district.”
Eligible homebuyers at or below 80
percent of the area median income in
rural communities can qualify for
funding. First-time homebuyers are
eligible for up to $5,000 in
assistance while other recipients
may receive up to $2,500 in
assistance. The funds do not have to
be repaid if the recipient occupies
the home for five years.
For more information about the RHF
or other affordable housing programs
being offered at this time, please
visit the Bank’s website at
www.fhlbdm.com or call the
Community Investment Department at
800.544.3452, ext. 1173.
A summary of the
2006 Rural Homeownership Fund grants
and a list of recipients for each
state are attached.
